FGV Annual Report 2012

108 Felda Global Ventures Holdings Berhad 49 SIGNIFICANT RELATED PARTY TRANSACTIONS In addition to related party disclosures mentioned elsewhere in the financial statements, set out below are other significant related party transactions and balances. Federal Land Development Authority (“FELDA”), a significant shareholder of the Company, effectively owns 37% of the issued share capital of the Company (2011: 100%). FELDA is a statutory body corporate set up under the Land Development Act 1956, and controlled by the Malaysian Government. The Group considers that, for the purpose of MFRS 124 –“Related Party Disclosures”, FELDA and the Malaysian Government is in the position to exercise significant influence over it. As a result, the Malaysian Government and Malaysian Government controlled bodies (collectively referred to as“government-related entities”) are related parties of the Group and the Company. Apart from the individually significant transactions as disclosed in Notes 27, 41, 42, 49(b)(iii), 49(d) and 49(f)(ii) to the financial statements, the Group and the Company have collectively, but not individually, significant transactions with other government-related entities which include but not limited to the following: (i) Purchasing of goods and services, including use of public utilities and amenities (ii) Placing of bank deposits with government-related financial institutions These transactions are conducted in the ordinary course of the Group’s business on commercial terms consistently applied in accordance with the Group’s internal policies and processes. These terms do not depend on whether the counterparties are government-related entities or not. Related parties and relationships are summarised as follows: (i) Subsidiaries Felda Global Ventures Plantations (Malaysia) Sdn Bhd (“FGVPM) Kilang Gula Felda Perlis Sendirian Berhad (“KGFP”) Felda Global Ventures Perlis Sdn Bhd (“FGV Perlis”) Twin Rivers Technologies Holdings, Inc (“TRTH”) Twin Rivers Technologies Holdings Enterprise De Transformation De Graines Oleagineuses (“TRT ETGO”) Felda Global Ventures Downstream Sdn Bhd (“FGVD”) Felda Global Ventures North America Sdn Bhd (“FGVNA”) Felda Global Ventures Plantations Sdn Bhd (“FGVP”) Felda Global Ventures Shared Service Centre (“FGVSSC”) (ii) Jointly controlled entities Bunge ETGO L.P. (“Bunge ETGO”) Felda Iffco Sdn Bhd (“FISB”) (iii) Associated companies Felda Holdings Bhd (“FHB”) Tradewinds (M) Berhad (“Tradewinds”) Notes to the Financial Statements for the financial year ended 31 December 2012